Lupin (LPC IN) – Q3FY26 Result Update – Strong beat aided by higher US sales – Downgrade to ‘Accumulate’
Published on 16 Feb 2026
Currently 3 products (gTolvaptan, gMirabegron and gSpiriva) contribute ~50% to total EPS. These products will face competition from H2FY27/FY28. Though Lupin has some niche pipeline including 505 (b) (2) opportunity and biosimilars to compensate we expect Lupin PAT to decline over FY26-28E. Our FY27E EPS stand increased by 10% however FY28E EPS broadly remain unchanged. We downgrade stock to “Accumulate” from BUY rating with TP of Rs2,400 (23x FY28E EPS).
